Will Biden's Landmark AI Executive Order Push Banking Industry Deeper Into Artificial Intelligence?
Portfolio Pulse from Khyathi Dalal
President Joe Biden has issued an executive order on artificial intelligence (AI), requiring new safety assessments, equity and civil rights guidance, and research on AI’s impact on the labor market. The order comes as financial firms and banks have started to adopt AI-based systems for various functions, including fraud detection and customer service. Major banks such as JPMorgan Chase, Wells Fargo, Bank of America, and Goldman Sachs have rolled out many AI-powered programs. Citigroup recently announced that 40,000 of its coders will be granted access to Generative AI to increase efficiency.
October 30, 2023 | 3:02 pm
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POSITIVE IMPACT
Bank of America is among the major banks that have rolled out AI-powered programs.
The adoption of AI by Bank of America could potentially increase efficiency and profitability, which could have a positive impact on the company's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Citigroup recently announced that 40,000 of its coders will be granted access to Generative AI to increase efficiency.
The adoption of AI by Citigroup could potentially increase efficiency and productivity, which could have a positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Goldman Sachs is using generative AI to assist software engineers in code development, potentially increasing productivity by 30% to 40%.
The adoption of AI by Goldman Sachs could potentially increase efficiency and productivity, which could have a positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
JPMorgan Chase has started using large language models to detect fraud and is looking to generate $1.5 billion through an AI initiative by the end of 2023.
The adoption of AI by JPMorgan Chase for fraud detection and other applications could potentially increase efficiency and profitability, which could have a positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Wells Fargo is among the major banks that have rolled out AI-powered programs.
The adoption of AI by Wells Fargo could potentially increase efficiency and profitability, which could have a positive impact on the company's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60